JAMASIN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
JAMASIN
Largest movements
- Receivables after one year +€4.6m
up €4.6m (+34.3%), from €13.4m to €18.0m
- Financial fixed assets +€2.9m
up €2.9m (+6.4%), from €45.9m to €48.9m
- Tangible fixed assets +€2.2m
up €2.2m (+58.1%), from €3.7m to €5.9m
of which Land and buildings: +€2.2m
- Cash -€987,141
down €987,141 (-67.3%), from €1.5m to €478,601
mainly Other debts (-€10.3m) and Debts after one year (-€6.3m)
- Contributions +€20.2m
up €20.2m (+32,919%), from €61,500 to €20.3m
of which Capital: +€20.2m
- Other debts -€10.3m
down €10.3m (-64.0%), from €16.1m to €5.8m
- Debts after one year -€6.3m
down €6.3m (-15.1%), from €41.8m to €35.5m
of which Other amounts payable: -€6.7m
- Reserves +€5.9m
up €5.9m (+105%), from €5.6m to €11.5m
of which Distributable reserves: +€5.6m
- Current portion of long-term debt -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Financial income +€277,421
up €277,421 (+27.9%), from €993,424 to €1.3m
- Financial charges -€240,254
down €240,254 (-72.4%), from €331,918 to €91,664
of which Financial charges: -€240,031
- Depreciation +€115,686
up €115,686 (+56.9%), from €203,178 to €318,865
- Gross operating margin -€89,461
down €89,461 (-23.6%), from €379,702 to €290,241
- Other operating charges +€85,305
up €85,305 (+313%), from €27,260 to €112,565
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,559,537 | €74,973,502 | +€9.4m | +14.4% |
| Fixed assets | 21/28 | €49,660,029 | €54,770,086 | +€5.1m | +10.3% |
| Tangible fixed assets | 22/27 | €3,732,985 | €5,901,020 | +€2.2m | +58.1% |
| Land and buildings | 22 | €3,606,684 | €5,771,368 | +€2.2m | +60.0% |
| Plant, machinery and equipment | 23 | - | €3,351 | +€3,351 | |
| Furniture and vehicles | 24 | €126,301 | €126,301 | = | 0.0% |
| Financial fixed assets | 28 | €45,927,045 | €48,869,066 | +€2.9m | +6.4% |
| Current assets | 29/58 | €15,899,508 | €20,203,417 | +€4.3m | +27.1% |
| Amounts receivable after more than one year | 29 | €13,415,402 | €18,023,342 | +€4.6m | +34.3% |
| Trade receivables | 290 | €13,415,402 | €18,023,342 | +€4.6m | +34.3% |
| Amounts receivable within one year | 40/41 | €213,437 | €225,442 | +€12,004 | +5.6% |
| Trade receivables | 40 | - | €7,101 | +€7,101 | |
| Other amounts receivable | 41 | €213,437 | €218,340 | +€4,903 | +2.3% |
| Cash at bank and in hand | 54/58 | €1,465,742 | €478,601 | -€987,141 | -67.3% |
| Deferred charges and accrued income | 490/1 | €804,926 | €1,476,032 | +€671,106 | +83.4% |
| Total equity and liabilities | 10/49 | €65,559,537 | €74,973,502 | +€9.4m | +14.4% |
| Equity | 10/15 | €5,574,601 | €33,517,054 | +€27.9m | +501% |
| Contributions | 10/11 | €61,500 | €20,306,979 | +€20.2m | +32,919% |
| Capital | 10 | €61,500 | €20,305,134 | +€20.2m | +32,916% |
| Issued capital | 100 | €61,500 | €20,305,134 | +€20.2m | +32,916% |
| Contributions outside capital | 11 | - | €1,845 | +€1,845 | |
| Share premium | 1100/10 | - | €1,845 | +€1,845 | |
| Reserves | 13 | €5,586,026 | €11,474,063 | +€5.9m | +105% |
| Non-distributable reserves | 130/1 | €7,317 | €267,249 | +€259,932 | +3,553% |
| Legal reserve | 130 | €6,150 | €266,082 | +€259,932 | +4,227% |
| Reserves not available under the articles | 1311 | €1,167 | €1,167 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,578,709 | €5,578,709 | = | 0.0% |
| Distributable reserves | 133 | - | €5,628,106 | +€5.6m | |
| Profit (loss) carried forward | 14 | -€72,925 | €1,736,012 | +€1.8m | |
| Amounts payable | 17/49 | €59,984,936 | €41,456,448 | -€18.5m | -30.9% |
| Amounts payable after more than one year | 17 | €41,779,680 | €35,467,391 | -€6.3m | -15.1% |
| Financial debts | 170/4 | €6,848,460 | €7,198,659 | +€350,199 | +5.1% |
| Other amounts payable | 178/9 | €34,931,220 | €28,268,732 | -€6.7m | -19.1% |
| Amounts payable within one year | 42/48 | €18,043,762 | €5,866,174 | -€12.2m | -67.5% |
| Current portion of amounts payable after more than one year | 42 | €1,926,208 | €0 | -€1.9m | -100% |
| Trade debts | 44 | €30,543 | €39,895 | +€9,351 | +30.6% |
| Suppliers | 440/4 | €30,543 | €39,895 | +€9,351 | +30.6% |
| Taxes, remuneration and social security | 45 | €463 | €31,138 | +€30,675 | +6,623% |
| Taxes | 450/3 | €463 | €31,138 | +€30,675 | +6,623% |
| Other amounts payable | 47/48 | €16,086,548 | €5,795,141 | -€10.3m | -64.0% |
| Accrued charges and deferred income | 492/3 | €161,494 | €122,883 | -€38,611 | -23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,178 | €318,865 | +€115,686 | +56.9% |
| Other operating charges | 640/8 | €27,260 | €112,565 | +€85,305 | +313% |
| Gross operating margin | 9900 | €379,702 | €290,241 | -€89,461 | -23.6% |
| Operating profit (loss) | 9901 | €149,264 | -€141,189 | -€290,453 | |
| Financial income | 75/76B | €993,424 | €1,270,846 | +€277,421 | +27.9% |
| Recurring financial income | 75 | €993,424 | €1,270,846 | +€277,421 | +27.9% |
| Financial charges | 65/66B | €331,918 | €91,664 | -€240,254 | -72.4% |
| Recurring financial charges | 65 | €328,949 | €88,918 | -€240,031 | -73.0% |
| Non-recurring financial charges | 66B | €2,970 | €2,746 | -€223 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €810,770 | €1,037,993 | +€227,223 | +28.0% |
| Profit (loss) for the period | 9904 | €810,770 | €1,037,993 | +€227,223 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €810,770 | €1,037,993 | +€227,223 | +28.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.